These 3 Altcoins Have the Potential to Break New ATH Records in February 2024

All three altcoins are showing bullish formation and have the potential to set a new ATH record in February.

The beginning of 2024 brings mixed price dynamics in the crypto market. Although the price peak was only reached in the first half of January, a sharp correction actually occurred in the second half of the same month. To that end, BeInCrypto highlighted a row of leading altcoins in February that have the potential to set new ATH records.

Celestia (TIA) Support Trendline Could Drag Price to New Peaks
The price of Celestia (TIA) has been climbing along the ascending support trend line since early November 2023. Then, on January 15, 2024, this upward action culminates in a new record ATH of US$20.40.

Although the price of TIA collapsed since then, TIA managed to bounce on January 23, validating the uptrend line of support and the horizontal support area of $14.40. So far, this trend line is already 86 days old.

While the price TIA bounce, so does the Relative Strength Index (RSI) (green circle). Market traders generally use RSI as a momentum indicator to identify overbought or oversold conditions. Armed with this information, they can determine the best time to accumulate or sell assets.

RSI readings above 50 and an uptrend signal that the lead is still on the bulls' side, while RSI below 50 indicates the opposite.

One of the crypto traders of Altcoin Sherpa mentioned that although there is potential to achieve a new ATH record, he predicts the price will continue to fluctuate in a narrow range (choppy). If the bounce trend continues, TIA has the potential to rise by 43% towards the next resistance at US$24.60.

However, despite the bullish TIA price prediction, a breakdown of the upward support trend line could trigger a 16% decline towards the $14.40 support area.

PENDLE Record Parabolic Increase
The PENDLE price has been climbing along the parabolic uptrend support trend line since August 2023. For the record, this trend line has gained several validations, the last of which was on January 10, 2024 (green icon). Moreover, the rate of increase is accelerating after the bounce.

Based on the wave count presented, PENDLE is now in the fifth and final wave of its uptrend. Technical analysts often use Elliott Wave theory to assess trend direction by examining recurring price patterns and investor psychology.

Given that the fifth wave is longer than 0.618 times the length of the first and third waves, the fifth wave has the potential to extend until it reaches the same length as the previous two waves combined.

If the rise continues, PENDLE could set a new ATH record of $3.30, which is up 15% from the current price.

Despite the positive price movement, crypto trader Income Sharks predicts that a short-term correction is likely.

Although the PENDLE price prediction is bullish, closing below US$2.40 could trigger a 25% decline towards the parabolic uptrend support line at US$1.90.

Render (RNDR) Closes the List of Altcoins Ready to Set ATH Records
Technical analysis on the weekly timeframe shows that RNDR has climbed in a five-wave upward movement since June 2023. If this wave count proves correct, it means that RNDR is now in the fifth and final wave of its upward movement.

In addition, the price briefly bounced at the beginning of the year, validated the horizontal support area of US$3.60 (green icon) and started the fifth wave. If this wave count proves accurate, then the fifth wave could extend to US $ 8.35, or up 75% above the current RNDR price. This achievement will mark a new ATH record for RNDR.

Meanwhile, crypto trader King Crypto is optimistic that the price increase will continue.

Although the RNDR price prediction is bullish, a close below US$3.60 will cancel the wave count. After that, RNDR is in danger of dropping 50% towards the nearest support at US$2.40.

What do you think of the potential for these three altcoins to set new ATH records in February 2024? Let us know your thoughts in our Telegram group. Don't forget to follow BeInCrypto Indonesia's Instagram and Twitter accounts, so you stay updated with the latest information about the crypto world!

Source : id.beincrypto.com